Oil Slips as US Stockpiles Set Record Despite OPEC Cuts

Saudi Arabia and Angola was reported to have cut production by half helping offset weaker compliance by other members that agreed to limit their output.

Still, oil remained locked within a tight trading range as strict Opec compliance with output cuts offset rising United States oil reserves. OPEC's second-biggest producer pledged - after much opposition - to reduce its daily output by 210,000 barrels but it has not yet reached the mark.

According to data for the month of January, OPEC is in nearly full compliance with the deal.

"Over the last four weeks, crude oil imports of the USA averaged 8.2 million barrels per day, 5.1 percent above the same four-week period past year", said the report.

Within the deal with OPEC and non-OPEC oil producers Kazakhstan has committed to cut oil output by 20,000 barrels per day from November 2016 level since January 1 2017.

Crude oil prices slipped after the release of the Russian data but remained within tight trading ranges, supported by evidence of OPEC production cuts created to reduce the oversupply that has weighed on prices for more than two years.

The U.S. crude oil imports averaged 7.6 million barrels per day last week, up by 303,000 barrels per day from the previous week, according to EIA's This Week in Petroleum report. Meantime, oil exports surged to a record.

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Oil prices have been unusually stable since oil producers agreed in November to reduce output, with both Brent and USA crude locked in $5 a barrel ranges.

OPEC has made a decision to produce 1.8 million barrels less per day to end the global oil oversupply.

US crude prices have roughly doubled over the a year ago which has supported a sharp expansion in domestic drilling activity.

Crude oil prices showed a relatively muted response to the data, in part because the inventory build was lower than analysts' expectations and followed seven consecutive stock builds.

One of the main reasons for the increase in output has been a gradual increase in production from the South Azadegan field, in the strategic West Karun region, according to sources and Oil Ministry officials.

USA crude exports have averaged nearly 900,000 bpd during the last four weeks, up from about 500,000 bpd in September.

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